ST Germain D J Co. Inc. Has $7.52 Million Position in Corning Incorporated (NYSE:GLW)

ST Germain D J Co. Inc. cut its position in Corning Incorporated (NYSE:GLW) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 166,649 shares of the electronics maker’s stock after selling 3,179 shares during the period. ST Germain D J Co. Inc.’s holdings in Corning were worth $7,524,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after purchasing an additional 426,864 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Corning by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after purchasing an additional 42,832 shares during the period. Natixis increased its stake in Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares in the last quarter. Finally, Raymond James & Associates raised its holdings in Corning by 2.6% during the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after buying an additional 42,818 shares during the period. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GLW has been the subject of several research analyst reports. Argus upped their price target on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Bank of America increased their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. boosted their price target on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. Finally, Barclays boosted their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Corning Stock Performance

GLW stock traded up $0.14 during trading hours on Friday, reaching $46.66. The stock had a trading volume of 2,036,706 shares, compared to its average volume of 5,730,331. The stock has a 50-day simple moving average of $43.16 and a 200 day simple moving average of $39.28. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $47.45. The stock has a market capitalization of $39.97 billion, a PE ratio of 65.72, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the business posted $0.45 EPS. Corning’s revenue was up 3.5% on a year-over-year basis. Analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is 157.75%.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.